UNDERSTANDING SECURITY DEPOSITS PAID TO CONDO ASSOCIATIONS
A condo association may require a security deposit from a tenant to protect against damages to the common elements or association property if it is allowed by their declaration, articles, or bylaws. See Fla. Stat. Sec. 718.112 (2)(k).
The security deposit cannot exceed one month’s rent and must be kept in an escrow account by the condo association. The condo association must provide the tenant with a written notice of the security deposit and its terms, and the tenant must provide their new address when moving out so that the condo association can send notices regarding the deposit and/or return the deposit.
The condo association must provide written notice to the tenant within 30 days of the tenant moving out if it intends to impose a claim on all or part of the security deposit. If the condo association does not intend to impose a claim, it must return the deposit within 15 days after the tenant leaves. Fla. Stat. Sec. 83.49 governs the return of the security deposit.
ADDITIONAL RESOURCES:
- Florida Condominium Act (Ch. 718, Fla. Stats.)
- Florida Residential Landlord and Tenant Act (Ch. 83, Part II, Fla. Stats.)
- Miami-Dade County Office of Housing Advocacy
- Florida Realtors® Legal Hotline
- Watch the webinar we hosted on July 29, 2020, and review the slides
DISCLAIMERS:
This resource page is meant to provide education and information on relevant legal topics facing the industry and is not a substitute for legal advice. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user, or browser. MIAMI REALTORS® does not recommend or endorse the contents of third-party sites. For legal advice or representation, contact private counsel or call the Florida REALTORS® Legal Hotline (1-407-438-1409). The information and materials on MIAMI REALTORS®’ website are provided for educational and informational purposes only and should not be construed as legal advice or as an offer to perform legal services on any subject matter. It contains general information and may not reflect current legal developments or information. Nothing is intended to create an attorney-client relationship and shall not be construed as legal advice. The information is not guaranteed to be correct, complete, current, or suitable. MIAMI REALTORS® makes no warranty, expressed or implied, about the accuracy or reliability of the information in this program or materials. Recipients of the information in this program or materials should not act or refrain from acting on the basis of any information without seeking appropriate legal advice on the particular facts and circumstances at issue from an attorney licensed in the recipient’s state. MIAMI REALTORS® expressly disclaims all liability with respect to actions taken or not taken by the recipient based on any or all of the information in this information and materials.
